Mitratech Launches New AI and Advanced Analytics Technologies, Celebrating Strong 2023 Growth and Portfolio Expansion

The debut of the PlatoBI Legal Spend Dashboard, AI Text Summarization, Natural Language Search, new acquisitions, and more mark a momentous year of technology innovation

Mitratech, a global compliance technology leader for legal, risk, and HR teams, unveiled a series of new AI-driven technologies following the 2023 launch of PlatoBI, an embedded analytics platform powered by Snowflake. The announcement follows a powerful close to 2023 for the Company, which saw double-digit growth and a 35% year-over-year increase in research and development investment.

AI Text Summarization, which was recently released within Mitratech’s Workflow Automation Platform, TAP, is designed to streamline decision-making by providing automated, concise document summaries. Customers can condense hundreds of documents, articles, or regulation pages into a few paragraphs, a development that is already being met with positive customer feedback and demonstrating strong ROI. The Company will be showcasing AI Text Summarization at its TAP on Tour Workflow Automation Roadshow Event, taking place at Legalweek 2024 on January 29th in New York.

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The launch of AI Text Summarization follows Mitratech’s recent release of its embedded analytics platform, PlatoBI, within its Managed Bill Review solution. The new PlatoBI Legal Spend Dashboard offers a comprehensive look at spend changes and firm performance, delivering an Analytics Portal and a variety of dynamic dashboards that allow users to seamlessly evaluate timekeeper rates across diverse law firms, identify least-compliant firms, monitor and compare where firms invest the most time, and more. PlatoBI will leverage cutting-edge generative AI capabilities to deliver conversational Natural Language Search, empowering legal teams with robust data and information at their fingertips through an easy-to-use, on-demand query.

“We’ve taken a very intentional approach to building the world’s leading compliance technology platform over the last few years, and the innovations we can now apply to these technologies are really exciting,” said Mitratech CEO Mike Williams. “Mitratech is focused on bringing advanced analytics and AI to the market to rapidly dissolve siloed departments and data. We now live in a world where you can digitize nearly any process and continuously find new, creative ways to automate compliance. We’re proud to be the single partner delivering all of it to customers around the world.”

“This is an exemplary display of embedding LLMs into software workflows to supercharge user experiences and outcomes,” said Zack Kass, former OpenAI Head of Go To Market and Mitratech AI Strategic Advisor. “Eventually, AI will enable all user experiences to be completely natural language, and TAP is an elegant step in that direction.”

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Other notable achievements in 2023 for the Company include:

• The release of TeamConnect, 7.1, featuring improvements to the InvoiceIQ functionality with enhanced flexibility for the invoice b****** rules and comparative dashboards for better management of outside counsel spend. This newest version also offers a new, modernized user interface, a Microsoft Outlook add-in, expanded timekeeper classifications, rate currency collaboration, accessibility, and more.
• An emerging AI Governance roadmap, featuring key Discovery capabilities in Mitratech’s Model Management Software and cutting-edge AI and ML developments for Enterprise Risk Management, including Sentiment Analysis, Document Mapping, Evidence Summarization, etc.
• A Legal Hold integration, enabling deep integration with Microsoft Purview and connections into TeamConnect analytics.
• The Client Adjudication Matrix (CAM), which uses AI and modern industry best practices to eliminate the human review of criminal records that are not relevant to the hiring decision, increasing hiring efficiency and reducing litigation risk in the backdrop of EEOC and fast-moving Fair Chance Hiring laws.
• Mitratech’s portfolio additions over the last 12 months of Circa, Trakstar, Mineral, and Syntrio, bringing ethics hotlines & reporting, real-time compliance alerts, performance management, and more into Mitratech’s industry-leading compliance platform.

This announcement comes on the heels of a momentous year of industry acknowledgments and growth for Mitratech, including being named a Leader in the 2023 IDC MarketScape for Worldwide Enterprise Legal Management Software and recognition as LegalTech Breakthrough’s “Overall LegalTech Company of the Year” for the third year in a row. Advanced AI/ML capabilities, embedded workflow capabilities, legal sourcing services, and more were among the capabilities highlighted for differentiating Mitratech as a market leader in global software development and forward-thinking AI technology innovation.

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